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SILICON VILLAGE

Wednesday, September 13, 2017

Get My Parking Secures $3 Million in Series A Funding Round

Get
My Parking, a 2-year-old smart parking IoT platform, has secured
Series A funding of $3 million (Rs. 19.20 crores) to advance their product
transformation and business impact. The participating investors include IAN
Fund, BEENEXT, and Indian Angel Network. Previously, the startup had raised $1.1 million
(Rs.7.35 crores) as pre-series A and $376k (Rs. 2.5 crores) as angel
investment.

Since its inception, this ingenious startup has made an
unmatchable mark in the industry and is clearly the market leader. With a team
size of 60, their platform currently processes 1.7 million tickets per month.

Commenting on the development, Chirag Jain,
Co-founder and CEO, Get My Parking said, “Existing parking experience tends to
take a big chunk of time and fuel; this is where Get My Parking delivers a
hassle-free parking experience to every automobile owner. Our dedicated team
works towards digitization, integration, and automation of the parking industry
while simultaneously catering to the global mobility trends.”

Get My Parking digitizes all types of unorganized parking
to create an efficient parking ecosystem. They are associated with a broad
spectrum of partners, varying from large scale system integrators and
consultants to individual parking operators. Their platform benefits both ways
by offering a piece for everyone’s requirement. Having successfully deployed
their technology across 300 locations in Delhi and executed parking at mega
events like Kumbh Mela and IPL, the startup is experiencing unprecedented
growth. In lieu of smart urban mobility, this new fundraise would be utilized
towards upgrading their IoT platform to serve a wider range of stakeholders in
the parking ecosystem.

Get My Parking has been awarded the ‘Travel app of the
year- Emerging’ at the reputed AWS Mobility Awards 2017, hence cementing
their industry leader position. Using their pioneering innovation, GMP can
connect and digitize any type of unorganized parking to make it go online and
consumer facing, all within 10 minutes.

Saurabh Srivastava, Co-founder of IAN & Architect and Mentor of IAN
Fund, said, “A truly ‘Made in India’ company, Get My Parking is set to
revolutionize an untouched part of urban mobility - parking. With several smart
city projects on board, Get My Parking is perfectly poised to leverage this
huge opportunity with their sharp focus on execution.”

Get My Parking provides city dashboards
and enforcement applications for government authorities, cashless parking
management system with revenue analytics for contractors, APIs for mobility
providers, and integrations with hardware manufacturers. They also have mobile
applications for both, the consumers and suppliers of parking space. All this
requires coming together of all the stakeholders. This is where Get My Parking has stepped in and built a
completely integrated IOT platform that connects all these solutions and their
stakeholders effortlessly.

"The GMP technology platform crossing 20 Million
transactions in 20 months exhibits the biology of scale and
relevance. Having established its dominant role in its home market the company
is at an exciting stage of making itself relevant globally in mature developed
markets and as stakeholders we are delighted”, said Sudhir Rao, an
existing investor and board director of Get My Parking.

Initially, it was perceived that their products are best
suited only for developing countries but surprisingly, they saw huge interest
coming from the developed countries also. This is because their platform works
like magic when bridging disconnected parking lots to digital mobility solutions
at the fraction of other alternatives’ price and time.

“We are excited about how cities are changing in the
future. Parking plays a crucial role here and we couldn't find a better team
globally than the folks at GMP”, said Dirk Van Quaquebeke, Managing
Partner, BEENEXT.

Get My Parking is now poised for
international growth with contractual partners in 15 countries to cater to the needs of global
parking solution. They recently put their foot in Taiwan where a pilot of their
technology with on-street sensors is taking place.

With Get My Parking transforming into the
industry’s default smart parking platform from a mere idea in just 2 years,
they are well poised to make parking a subconscious experience for millions of
motorists, globally.